Berwyn Investment Firm Acquired for $60M

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Pittsburgh-based bank TriState Capital Holdings said it will acquire Berwyn, Pa.-based investment management firm Chartwell Investment Partners LP for about $60 million. The deal is expected to close some time in the first quarter.

TriState Capital (Nasdaq: TSC) said the agreement includes $45 million in cash plus a $15 million earnout depending on Chartwell’s profitability in 2014.

“The acquisition of Chartwell will enhance TriState Capital’s recurring fee income, provide new product offerings for our national network of financial intermediaries and leverage our financial services distribution capabilities,” said CEO James F. Getz in a prepared statement. Read more about this story on PBJ.com